EUR/USD 1.4402 – 7 January 2010

UR/USD Open 1.4400 High 1.4483 Low 1.4290 Close 1.4409Euro/Dollar is still trading within the 1.4229 – 1.4484 range. On Wednesday the currency couple dropped down to the 1.4290 bottom, from where it started ascending up to 1.4432, closing the day at 1.4409. Our preferable scenario for now remains bearish when Euro is high and up when Euro is low. Short term downward scenario would be confirmed if we see a convincing break bellow the nearest support and yesterday’s bottom at 1.4290, with objectives towards 1.4165. Immediate resistance is represented by Tuesday’s top 1.4483, the break up of which may trigger stronger upward momentum with targets towards 1.4582. The CCI indicator is leaning downwards and is about to cross down the 100 line on the 1 hour chart, suggesting bearish pressure. Technical resistance levels: 1.4483 1.4582 1.4667Technical support levels: 1.4290 1.4165 1.4079